Oil & gas in pursuit of the energy transition, part 2: IOCs and climate change
European oil and gas firms are taking a different approach to the transition when compared with their American cousins. The second part of the fifth chapter of our history of oil and gas examines the ocean separating IOCs
Like any transition, the energy transition will be volatile for the market and all its participants. The first companies to feel the pressure of shareholders are the large IOCs. In a study, Peter Linquiti and Nathan Cogswell of George Washington University pointed out: “In a world with a strong climate policy, the value of these [fossil fuel] resources drop to about $110t, a decrease of $185t, or 63%.” The strategies of the oil majors in terms of focus are an ocean apart. US firms ExxonMobil and Chevron are both doubling down on oil and gas resources, while their European counterparts began a transformation towards cleaner sources some time ago, with the goal of becoming ‘energy majors’. Th
Also in this section
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent
16 January 2025
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift
